This week’s featured collector is t800ruben

t800ruben is a collector of Ethereum NFTs. Check out their picks at lazy.com/t800ruben

How do you feel about CryptoPunks’ move to NODE?

The poll results reveal a divided sentiment regarding the SEC’s evolving approach to NFTs and crypto assets. Out of the respondents, 50% described their feelings as “Bittersweet,” reflecting a mix of optimism tempered by concerns or reservations. Another 50% chose “Something else,” signaling that many participants feel their reactions don’t fit neatly into the provided categories, perhaps suggesting more complex or nuanced views. Notably, no respondents selected “Encouraged,” “Wary,” or “Validated,” indicating that clear-cut positive, cautious, or affirming reactions are less prevalent in this group. Overall, the results point to a landscape where feelings are mixed and multifaceted, reflecting both hope and uncertainty about regulatory changes.

Beyond Art: How “Cell-NFTs” Could Transform Biometric Data

Biometric data—information derived from unique physical attributes like fingerprints, heart rhythms, or genetic sequences—plays a pivotal role in modern healthcare and personalized medicine. A recent scientific study introduces Cell-NFT, a pioneering framework integrating biometric data with non-fungible tokens (NFTs), enabling secure, decentralized ownership and precise control over personal health information. For NFT collectors, this innovation marks an intriguing expansion of the concept, moving beyond traditional artistic or collectible assets into tokens directly connected to living biological materials, grounded in real scientific value, privacy protection, and ethical oversight.

To understand this clearly: researchers collected simple, noninvasive urine samples, from which they isolated cells known as urine-derived cells (UDCs). These cells were then reprogrammed into a special type called induced pluripotent stem cells (iPSCs)—cells capable of becoming nearly any other cell type in the human body. Specifically, this research converted these stem cells into cardiomyocytes, the muscle cells that form heart tissue. These lab-grown heart cells weren’t merely cultivated; they were carefully documented, imaged, and had their detailed biological information encrypted. Finally, this data was minted into NFTs. Consequently, these tokens aren’t merely digital artworks or abstract concepts—they uniquely represent the living blueprint of actively functioning human heart cells.

This development matters to NFT collectors because traditionally, biometric health data has been owned and managed by centralized entities, such as hospitals, research institutions, or tech corporations. Individuals rarely have meaningful control over how their own biological information is accessed, shared, or monetized. The Cell-NFT approach disrupts this model by offering individuals the opportunity to securely own, manage, and control their sensitive personal data through blockchain technology. Each NFT securely houses encrypted metadata—ranging from genetic sequences to experimental details—and its access is governed by advanced smart contracts. In practical terms, the NFT owner alone determines who may view or utilize the data and under what circumstances, establishing clear boundaries around data privacy and usage.

Crucially, the Cell-NFT framework has been thoughtfully designed with privacy, security, and ethical principles as central priorities. This means sensitive information cannot be freely accessed or exploited without explicit, informed consent. Additionally, the entire system adheres to strict international standards such as GDPR (General Data Protection Regulation) and HIPAA (Health Insurance Portability and Accountability Act), ensuring that data ownership translates into responsible stewardship rather than unregulated commercialization. Smart contracts can further enforce strict guidelines for resale, impose royalty structures, or regulate access by authorized users, including biomedical researchers or pharmaceutical firms.

What distinguishes this new NFT category is its tangible value beyond cultural trends or speculative market dynamics. These assets have practical and functional relevance—for instance, researchers working on treatments for cardiac diseases could gain valuable insights from specific cardiomyocyte data sets, while pharmaceutical companies might leverage anonymized genetic information for clinical trials. By engaging with these scientifically-grounded NFTs, collectors are not only exploring a novel digital asset class but also potentially contributing to advances in healthcare research and therapeutic developments.

A particularly captivating aspect for NFT collectors is how Cell-NFTs are presented in the digital marketplace. Rather than static images or limited metadata, these tokens capture dynamic biological processes—for instance, the rhythmic beating of lab-grown heart cells, visually documented through high-resolution imaging and video content. Indeed, similar cell images have garnered attention in both scientific circles and artistic competitions, blending aesthetic appeal with scientific significance. Furthermore, because each token is intrinsically tied to unique biological information, each NFT carries inherent rarity and distinctiveness—qualities highly valued by collectors.

Finally, for the NFT community, collectors have the chance to consider broader ethical, societal, and scientific implications tied to digital asset ownership. These NFTs represent more than mere symbolic possessions; they represent a thoughtful intersection between digital innovation, personal sovereignty, and human health. For collectors interested in shaping the next evolution of the NFT ecosystem, this development could open pathways to deeper, purposeful participation, integrating technology with ethical responsibility and real-world human impact.

Read the full scientific report at Nature.com.

Which aspect of Cell-NFTs excites you most?

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This week’s featured collector is hyperddd

Hyperddd has a wild collection. They are especially fond of Awakened Apefrenz. Check it out at lazy.com/hyperddd

How do you feel about CryptoPunks’ move to NODE?

The poll results indicate a generally positive sentiment toward CryptoPunks’ recent transition to NODE, a nonprofit entity. Out of the nine participants, the majority (44%) feel “Hopeful” about the move, suggesting an optimistic outlook on the future direction and stewardship of the iconic NFT collection under nonprofit management. An equal minority (22% each) feel “Excited” or “Unfazed,” reflecting a split between those energized by the change and those indifferent to it. Notably, no respondents expressed skepticism, and only a small fraction (11%) reported feeling “Neutral,” which may imply growing trust or acceptance of nonprofit involvement in legacy crypto projects. This outcome underscores a cautious but largely positive community sentiment, potentially driven by expectations of more mission-aligned, long-term stewardship.

SEC Commissioner Signals Positive Shift for NFTs: Clarity and Opportunity Ahead

Last week, SEC Commissioner Hester Peirce delivered an important address at the SEC Speaks event in Washington D.C., signaling a notable shift in the regulatory environment surrounding NFTs and crypto assets. For NFT collectors, creators, and investors, Commissioner Peirce’s speech offered significant clarity, potentially reducing the regulatory ambiguity that has long shadowed the space.

Commissioner Peirce, known affectionately as “Crypto Mom” due to her advocacy for clearer crypto regulations, openly critiqued the SEC’s previous approach, which often relied heavily on enforcement actions rather than proactive regulatory guidance. This enforcement-first strategy, she argued, has sown confusion and discouraged innovation. Her new role as the head of the SEC’s Crypto Task Force marks a transition toward transparency and predictable regulation, a development that could substantially benefit the NFT community.

The standout revelation from Commissioner Peirce’s speech was her explicit assertion that most NFTs do not qualify as securities. She clarified that NFTs, especially those providing ongoing royalties to creators through smart contracts, are typically collectibles or digital assets rather than securities, as they don’t represent ownership stakes or profit-sharing in business enterprises. This statement is crucial for NFT collectors and creators alike, removing some lingering concerns around royalty features potentially triggering securities regulations.

Furthermore, Peirce outlined clear criteria indicating when crypto assets, including NFTs, are exempt from securities regulation: namely, when these assets function within decentralized environments without relying on a single central authority’s managerial efforts. NFTs embedded within fully operational and decentralized applications, where users interact independently with the protocol’s features, thus escape securities oversight. This nuance provides a stronger legal footing for collectors participating in decentralized NFT ecosystems.

However, Commissioner Peirce also acknowledged complexities associated with the initial sales of NFTs—particularly presales conducted before the underlying platform or network is functional or fully decentralized. In such scenarios, NFTs might initially fall under the “investment contract” classification, potentially subjecting early sales to securities laws. To manage this, Peirce proposed a sensible “safe harbor” provision. This framework would grant NFT projects temporary exemptions from securities registration requirements, provided they transparently disclose developmental milestones and adhere to specified investor protection guidelines during an initial period. Such provisions could make early-stage NFT investments significantly safer and more transparent for collectors.

Commissioner Peirce’s vision promises broader clarity and predictability for the entire NFT space. Reduced regulatory uncertainty can lead to greater market stability, encourage mainstream adoption by creators and businesses, and support innovation. As clearer rules emerge, creators and collectors alike will be better equipped to confidently participate in NFT markets without the fear of unforeseen regulatory repercussions.

In conclusion, Commissioner Peirce’s address marks a meaningful pivot toward a nuanced, balanced, and supportive regulatory stance by the SEC. NFT enthusiasts can anticipate continuing clarity to develop.

Read the full speech at the SEC.gov.

How does the SEC’s evolving approach to NFTs and crypto assets make you feel?

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This week’s featured collector is Benson

Benson collects Ethereum NFTs and they love their collection of Animal Punks. Check it out at lazy.com/benson

How do you feel about brands pairing physical goods with NFTs?

Last week’s poll suggests a largely receptive audience for NFT-linked physical products: a clear majority (60 %) are outright excited, indicating that the concept already resonates beyond novelty value. Another fifth describe themselves as curious—open to the idea but likely waiting to see practical execution—while an equal 20 % remain skeptical, flagging trust, utility or hype concerns that brands will need to address. Notably, no respondents feel indifferent or uncertain, which implies that the topic commands attention and opinion rather than apathy. Overall, sentiment skews positive but not uncritically so, signaling room for adoption provided projects can deliver tangible benefits and mitigate common doubts.

CryptoPunks Become Cultural Artifact

Yuga Labs has transferred stewardship of CryptoPunks to the Infinite Node Foundation (NODE), a newly formed, non-profit dedicated to preserving and exhibiting internet-native art. Although financial terms were not disclosed, NODE now holds the intellectual-property rights while Yuga retains its own Punk NFTs and the same licence as every other collector. Framed by NODE as “an evergreen, mission-driven endowment,” the move pivots CryptoPunks away from commercial tie-ins and toward long-term cultural stewardship. The timing is pragmatic: secondary-market volumes on legacy PFP projects have cooled, and the royalty model that once underwrote Web3 brands has eroded. Under a non-profit, price stability can be interpreted as cultural longevity rather than lost momentum.

NODE’s mandate rests on three pillars—preservation, community and expansion. On the technical side, the foundation will run its own Ethereum node to guarantee on-chain permanence, while advisory board members Matt Hall and John Watkinson (Larva Labs), Wylie Aronow (Yuga Labs) and Erick Calderon (Art Blocks) provide curatorial and infrastructural guidance. Community engagement will extend beyond Crypto Twitter: NODE plans to open a permanent gallery in Palo Alto and launch “Infinite Images: The Art of Algorithms,” the first full-collection exhibition of all 10,000 Punks. The goal is to position the project—whose lifetime sales of $3.07 billion already outpace any living contemporary artist—as a case study for scholars and museums exploring digital provenance.

For collectors, nothing changes day-to-day: ownership rights and IP licences remain intact. What does change is the narrative arc. A project once championed for eye-popping resale values (one Punk sold for $23 million worth of ETH in 2022) is now presented as a landmark in algorithmic art history. NODE argues this realignment corrects a “cultural disconnect” that left CryptoPunks off traditional rankings despite another $317 million in secondary sales so far in 2025. Whether that scholarly framing eventually feeds back into market demand is uncertain, but institutional backing does add reputational capital at a moment when NFT sentiment is subdued.

Yuga, for its part, can refocus on growth-oriented properties such as Bored Apes and Otherside without carrying the expectation to monetise a mature brand. Collectors gain a stewardship model designed to outlast price cycles, and the broader art world receives a well-funded laboratory for integrating blockchain-native work into existing canons. If NODE succeeds, CryptoPunks could become the rare PFP project that graduates from speculative asset to museum-grade cultural artifact—setting a constructive precedent for how aging NFT collections might secure their legacy.

Learn more at NODE.

How do you feel about CryptoPunks’ move to NODE?

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This week’s featured collector is Kintsugi

“Don’t take for granted what you have while you chase what you think you want,” writes Kintsugi below one of their favorite NFTs. Take a look at lazy.com/kintsugi

If iOS apps can now link to outside checkouts for NFTs, how do you expect this to affect your own collecting or trading habits?

The numbers signal a decisive shift: fully 86 % of respondents say they’ll transact more on mobile if iOS apps can deep‑link to external NFT checkouts—57 % foresee a sharp uptick in buying and selling, while another 29 % expect at least occasional use. That unanimity (zero “not sure” votes) hints that the community has long viewed Apple’s in‑app‑purchase toll gate as the main brake on mobile NFT trading; remove the friction and even casual collectors are ready to impulse‑buy from the feed. Apple’s policy change could normalize on‑the‑go collecting the way one‑click payments turbocharged e‑commerce.

Drink‑to‑Earn: Turning 220,000 Cans of Sparkling Water Into NFTs

Rekt Brands, the venture spun out of the Rektguy NFT community, has followed last year’s “Liquidated Lime” debut with a second limited‑run beverage, Abstract Apple. Priced at $69.69 per 24‑can case, the drop paired a physical sparkling water with several on‑chain perks, including an NFT and 25,000 DRANK loyalty points. Roughly 220,000 cans reportedly sold out on launch day despite minimal promotion beyond Crypto Twitter, helped by a generous per‑checkout limit of 250 cases and the option to pay in either crypto or fiat.

The mechanics echo familiar Web3 growth loops. DRANK points accrue through tasks such as social amplification or product purchases, resembling traditional loyalty programs but recorded on‑chain. Because each case is tied to a unique NFT claim, Rekt can trace purchase behavior at wallet level—data granularity most consumer‑packaged‑goods start‑ups struggle to obtain. That said, even this community‑driven campaign was not flawless: an automated error temporarily awarded excess points, underscoring how experimental these hybrid systems remain.

From a market‑testing perspective, Rekt’s model reduces the capital normally required for a beverage launch. Direct sales to an existing NFT audience validate demand without retail slotting fees or large advertising budgets. Yet the customer base is still largely crypto‑native; whether similar enthusiasm can be cultivated on a grocery shelf is unproven. Rekt Drinks says mainstream distribution discussions are under way, but translating online loyalty to offline repeat purchases will depend on factors—price, flavour, branding—that sit outside token incentives.

Comparisons to earlier BAYC‑branded foods highlight both opportunity and risk. Ape Water and tie‑in snacks generated press but limited follow‑through once novelty faded, and Rekt’s approach, while more data‑driven, carries comparable challenges. The regulatory status of point systems that might later convert into tokens remains unsettled.

Drink‑to‑earn, then, is less a finished business model than an evolving experiment. Rekt Brands has demonstrated there is enough latent demand inside certain NFT circles to move physical inventory quickly, providing a real‑world revenue stream in a prolonged NFT bear market. The next test is whether those sales can be sustained—and expanded—once the novelty wears off and consumers outside the crypto bubble decide whether the water itself is worth buying a second time.

Learn more at Rekt Drinks and BlockWorks.

Which part of the Rekt Drinks Abstract Apple launch interests you most?

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This week’s featured collector is Rubot

Rubot has a large collection of Ethereum NFTs. Take a look at lazy.com/rubot

If AI can instantly replicate any visual style, does owning that style still hold value in the NFT world?

Last week’s reveals suggests that despite AI’s growing ability to mimic virtually any aesthetic, most participants—roughly two‑thirds—still believe that controlling a distinctive visual style retains tangible value in the NFT ecosystem, underscoring a persistent premium on originality and provenance. Yet the remaining third is fractured: identical 11% slices say value now hinges on community context, has eroded because style is easy to copy, or remains uncertain altogether. That split highlights a nascent tension between technological abundance and cultural scarcity: while many collectors cling to the idea that authenticity confers lasting worth, a notable minority is beginning to question whether community narratives or mere ease of replication will ultimately redefine what makes an NFT desirable.

Apple’s Quiet Pivot Could Unleash a New Wave of Mobile NFT Trading

Apple’s latest revision to its U.S. App Store guidelines—forced by this week’s Epic Games v. Apple ruling—could quietly transform how collectors buy and trade NFTs on mobile. The federal judge found Apple had “willfully” ignored a 2021 injunction that barred the company from steering every in‑app transaction through its own payment system and from taxing external sales at a hefty 27 percent. Confronted with that judgment, Apple has lifted its long‑standing ban on iOS apps that so much as hint there’s an alternative checkout. Developers serving the U.S. storefront may now embed buttons or links that push users to a website—or even a custom wallet flow—where they can complete NFT transactions beyond Apple’s reach.

For collectors, the change eliminates one of the most stubborn friction points in mobile trading. Until now, iOS versions of OpenSea, Magic Eden and similar marketplaces functioned as glorified catalog browsers: you could admire the art, track floor prices and maybe share a listing, but if you wanted to buy or list a token you were shoved back to a desktop or a clunky in‑app browser. With Apple’s gate cracking open, those same apps can redirect you to a seamless external checkout—think deep‑linked wallet approval, clear gas‑fee display and an immediate return to the app once the transaction settles on‑chain. That smoother path should expand the universe of impulse buyers, tighten bid‑ask spreads on popular collections and, by freeing marketplaces from Apple’s fee, leave more creator royalties intact.

There are caveats. Apple’s concession applies only to sales that happen outside the app itself; premium features, power‑ups or any digital good transacted within the iOS environment still pay the Cupertino toll. Crypto mining, ICO facilitation and “task‑for‑token” reward schemes remain strictly prohibited, and the new latitude is confined to the U.S. storefront for now. Nothing obliges developers to craft a polished experience either—an awkward “Open in Safari” link won’t move liquidity—but savvy teams are already prototyping one‑tap buy flows that hand off to MetaMask, Rainbow or Phantom, sign the transaction and zap you back to the gallery before your coffee cools.

Assuming those UX improvements arrive quickly, the broader ripple effects could be substantial. Marketplaces that perfect mobile trading may capture disproportionate volume. Wallet providers will rush to streamline deep linking and push notifications for bids, sales and price alerts. Brands and creators, relieved of Apple’s surcharge, can plan mobile‑first mints pegged to real‑world events or exclusive merch drops. All of that activity ultimately benefits collectors, who gain the freedom to chase opportunities wherever they happen rather than waiting to reach a laptop.

Apple hasn’t suddenly embraced crypto ideology, but it has ceded just enough ground to let the NFT economy breathe on iOS. Keep your wallets updated, scrutinize those URLs before you sign, and watch how fast your favorite marketplaces push fresh versions through App Store review. The ones that nail mobile UX may ignite the next leg of NFT market momentum—and if the early signs hold, you’ll be able to ride that wave from the palm of your hand.

Learn more at Decrypt.

If iOS apps can now link to outside checkouts for NFTs, how do you expect this to affect your own collecting or trading habits?

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This week’s featured collector is Pakattack

Pakattack’s has a solid collection of Ethereum NFTs including a Milady. Take a look at lazy.com/pakattack

Which catalyst do you think would most effectively reignite the digital‑art & NFT market?

Last week’s reveals that among several potential catalysts to reignite the digital art and NFT market, “Seamless user experience” was the most favored option, receiving 50% of the votes. This reflects a strong consensus that simplifying the interface and reducing friction in the onboarding and interaction process could bring in the much-needed third wave of collectors, especially non-crypto natives. “Institutional validation” and “Clear global regulation” each garnered 25%, signaling that while users value structural support and legitimacy, these alone may not drive mass adoption. Notably, “Compliant fractional ownership” and “Not sure / None of the above” received 0%, suggesting the community sees clear paths forward rather than uncertainty or niche solutions. This aligns with broader market insights from the Art Basel 2024 report, which argues that growth now hinges not on hype but on better usability, real-world relevance, and cultural integration.

How GPT-4o is Changing NFTs

In this issue, we take an in-depth look at how AI advancements, particularly ChatGPT’s latest image-generation capabilities, are reshaping the NFT ecosystem. With the ease of replicating distinct artistic styles, questions around exclusivity and ownership emerge—signaling potential shifts in the very essence of NFT value.

AI Generation and the Ownership of Artistic Style

The release of GPT-4o’s image-generation feature marks a pivotal moment. Collectors and creators alike are experimenting freely with prompts like “Azuki style,” “Cyberpunk vibes,” or “Studio Ghibli-inspired,” instantly transforming original NFT images into reimagined variants.

Azuki, recognized for its distinctive anime-inspired style, exemplifies this disruption. Users now generate convincing adaptations effortlessly. According to bitsCrunch data, Azuki’s floor price saw a noticeable 44% decrease from its 2024 peak—reflecting broader market uncertainties and highlighting the pressing question: Is ownership of a visual style still valuable?

NFT Value: Utility over Speculation

Recent trading statistics reveal critical insights into the current state of the market. Although the NFT space experienced a temporary resurgence in late 2023 driven by Bitcoin ordinal inscriptions, the momentum dwindled significantly. By March 2025, monthly NFT trading volume across platforms had reduced considerably, stabilizing at around $110 million, with value largely maintained by projects offering tangible utilities, such as gaming integrations, exclusive access rights, offline events, and robust community ties.

This underlines a critical insight for investors and creators—NFTs now must offer intrinsic human value beyond mere aesthetic marketability. Sustainable NFT projects today deliver experiences, utilities, and meaningful community-centric rewards.

Style Ownership: Legal and Ethical Considerations

As AI-generated styles proliferate, important legal questions arise. Could NFTs pioneer new forms of digital intellectual property, allowing artists and collections to patent exclusive styles? Or will we see a rise in decentralized, open-source styles with royalties shared through blockchain transparency? The solution could define the next stage of NFT market evolution.

NFTs as Multifunctional Containers of Value

Building toward future horizons, NFTs might increasingly transcend strictly visual aesthetics, serving instead as comprehensive meta-data vessels. Imagine an NFT granting governance rights over music distribution, handling shared creative influence over collective storytelling, or providing exclusive ticketing and event access. Rather than pixel scarcity, NFTs will embody “provable participation”—highlighting human connection, recognition, and community belonging as the central drivers of value.

In Closing: NFTs and AI, Partners in Innovation

Rather than posing a threat, GPT-4o’s arrival represents transformative opportunity. It compels NFTs to evolve from static visuals to dynamic digital identities, redefining notions of creativity, ownership, and connection. Indeed, AI has not diminished NFTs—it’s empowered them toward their next horizon of maturity and innovation.

Stay tuned, keep collecting, keep innovating.

Go deeper on this topic at HackerNoon.

If AI can instantly replicate any visual style, does owning that style still hold value in the NFT world?

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This week’s featured collector is Meezisnotdead

Meezisnotdead’s is a biker, photographer, graphic designer and entrepreneur. Take a look at their collection at lazy.com/Meezisnotdead

Do you support a16z’s NFT reform proposals?

Last week’s poll shows nascent but clearly positive sentiment toward a16z’s proposed NFT reforms: one‑third back the full two‑track plan, another third would at least welcome the safe‑harbor for “true collectibles,” and no one outright opposes either measure. That leaves an equally large bloc still seeking more information, underscoring how early the debate remains and how much educational outreach is needed.

After the Gold Rush: Digital Art’s Critical Juncture

Art Basel’s 2024 report with UBS makes grim reading at first glance. Global art sales fell twelve percent to an estimated $57.5 billion, pulled down by softness at the very top of the market. Dealers sold less, public auctions contracted, and yet the total number of transactions rose three percent to 40.5 million—a sign that enthusiasm remains even as spending power wanes. Digital art felt the chill first. By the final quarter of 2024, NFT volumes had round‑tripped to levels not seen since the pre‑mania days of 2020. Art‑related NFTs lost sixty‑five percent of their value year on year and now account for only six percent of the market, while collectibles and profile‑picture projects declined forty‑three percent but still dominate with an eighty‑seven‑percent share. Perhaps most telling, the community itself is thinning: the average monthly count of unique art‑NFT buyers slid from nearly seventeen thousand in 2023 to just over five thousand six hundred in 2024.

The divergence between crypto wealth and digital‑art pricing has never been starker. Bitcoin marched from roughly fifty thousand dollars in January 2024 to more than one hundred‑and‑six thousand by December, yet that new capital barely trickled into NFTs. The “wealth effect” that once sent pixelated punks soaring is missing in action, suggesting that the downturn is more than a temporary liquidity crunch; it is a structural reset that demands fresh narratives rather than fresh capital.

That realization forces an uncomfortable question: where will the next generation of NFT collectors come from? The first wave, propelled by crypto‑native investors chasing outsized returns, has largely pivoted to faster, more liquid gambles such as memecoins—or has exited altogether. The second wave many expected—traditional buyers dipping cautious toes into the digital pool—stalled before it reached scale. Only nine percent of high‑net‑worth collectors surveyed in early 2024 had purchased any form of digital art. If NFTs are to grow beyond a niche, a third wave must emerge, characterized by connoisseurship rather than FOMO, seamless user experience that hides the mechanics of crypto altogether, institutional validation from museums and universities, and, above all, cultural relevance. As artists turn to topics such as artificial‑intelligence ethics, climate data, or indigenous archives, the medium can begin to matter to people who would never describe themselves as “degens.”

While the market grapples with demand, a quieter crisis is playing out in the background: the long‑term storage of the artworks themselves. The closures of MakersPlace, AsyncArt, and KnownOrigin signaled more than lost discovery hubs; they jeopardized the files those platforms pinned to the InterPlanetary File System. Most NFTs carry only a hash and a URL on‑chain—linking to an image that lives off‑chain. If the marketplace that paid for IPFS “pins” disappears, the underlying art can vanish as well. The fix is hardly insurmountable—collectors can verify their tokens’ metadata, repin files through services such as Pinata or Eternum, and favor projects that store assets on‑chain or on redundant networks like Arweave—but awareness remains low. Until permanence becomes table stakes, provenance will rest on hope rather than cryptography.

Despite the gloom, genuine green shoots are sprouting. Regulatory clarity is improving: the United States’ FIT 21 proposal would explicitly exclude digital collectibles from securities enforcement, and Europe’s MiCA framework offers passporting across twenty‑seven member states. Museums are moving from token experiments to bona‑fide acquisitions; the British Museum’s Polygon‑based Hokusai release and LACMA’s crypto‑art endowment both point to a future in which institutional imprimatur becomes routine. On the technical front, inexpensive layer‑two networks now enable high‑frequency, low‑risk drops, and artists are beginning to treat smart contracts as living sculptures that evolve with real‑world data feeds rather than as permanent JPEG holders.

So what could reignite the market? A decentralized curator layer that lets writers share in secondary royalties would align scholarship with sales. Compliant fractionalization could lower the barrier for new buyers by an order of magnitude, allowing them to own a sliver of a blue‑chip NFT without regulatory landmines. Dynamic royalty structures that reward artists for guaranteeing perpetual storage would align incentives between makers and custodians. Finally, a cross‑chain provenance standard could let works migrate between Ethereum, Solana, and whichever chain comes next without erasing exhibition history—an essential prerequisite for institutional acceptance.

For collectors navigating 2025, the playbook is deceptively simple. First, protect what you already own: audit every token, repin or migrate storage if necessary, and keep local snapshots of metadata and rarity traits. Second, curate with intention. Favor thesis‑driven collections over derivative memes; the market now values narrative depth, not supply shocks. Third, engage in the physical world by lending pieces to exhibitions, hosting pop‑ups during art fairs, or endowing writer fellowships; social proof converts skeptics faster than price charts ever could. Fourth, support the boring but indispensable infrastructure projects that fund perpetual storage; safeguarding the medium is the surest way to safeguard value. Finally, educate newcomers, because onboarding is the new marketing. Workshops that demystify wallets and gas fees or gifting entry‑level tokens to curious friends can seed the network effects speculation failed to deliver.

Yes, 2024 bruised the space, but contraction has a long history of seeding renewal. Cubism followed a recession; net‑art bloomed after the dot‑com crash. If this winter becomes a period of conservation and thoughtful curation, the next bull market—whenever it arrives—will discover a corpus of digital art that is not only intact but more intellectually compelling than ever. The task ahead is not to guess when liquidity will return but to ensure that when it does, the art on offer is worth rediscovering.

For more, read NFTNow’s perspective and the full Art Basel report.

Which catalyst do you think would most effectively reignite the digital‑art & NFT market?

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This week’s featured collector is NFcubedT

NFcubedT’s is an “Artist. Daydreamer. Schemer of Silliness.” Their collection of whimsical hand-drawn NFTs grabbed our attention. Take a look at lazy.com/NFcubedT

How has your own approach to collecting or trading NFTs changed recently?

Last week’s poll explores how Lazy.com users’ behaviors regarding collecting or trading NFTs have shifted recently. The results reveal a significant cooling off in activity within the NFT space. The majority of respondents, 63%, indicated they are currently “on hold,” suggesting they have paused their involvement in NFTs for the time being. Another 13% said they “sold off most of [their] NFTs,” indicating a strategic exit or liquidation of their digital assets.

Interestingly, only 25% reported that they are “still very active,” showing that a small but committed portion of the community continues to engage enthusiastically with NFTs. Notably, no respondents selected “I’ve become more selective,” which could imply that those still involved are maintaining prior levels of activity rather than refining their strategies. Likewise, no one selected “I was never involved in NFTs,” suggesting that all respondents have at least some past experience in the space.

Overall, the poll reflects a cautious sentiment dominating the NFT market among the respondents, with the bulk either stepping back or fully divesting, and only a minority actively participating.

A Fresh Vision for NFT Regulation: A New Path Forward for Digital Collectibles and Creative Innovation

Andreessen Horowitz (a16z), a prominent venture capital firm deeply embedded in blockchain and web3 space, has proposed significant regulatory reforms to the U.S. Securities and Exchange Commission (SEC) regarding NFTs. This forward-looking initiative, submitted in March 2025 to the SEC’s Crypto Task Force, specifically addresses the current legal uncertainties faced by NFT creators, collectors, and trading platforms.

The current regulatory framework was not crafted with digital collectibles in mind. These digital assets—ranging from digital art and music to gaming assets and physical redeemables—serve primarily as proofs of ownership or unique rights rather than financial instruments. The absence of clearly defined regulatory parameters has, however, resulted in confusion and apprehension within the industry. Creators face significant uncertainty about launching new projects due to fear of potential enforcement actions, such as the notable SEC case against Impact Theory in 2023. These concerns often push NFT creators to either halt their projects entirely or seek safer regulatory environments offshore, stunting the growth of digital innovation within the United States.

To address this critical issue, a16z suggests a dual approach. First, they propose a safe harbor rule—a framework clearly defining when NFTs should be exempt from securities regulations. According to their recommended criteria, NFTs eligible for this exemption must represent a specific, unique, and verifiable asset, not grant any ongoing financial interests in the creator or third-party enterprises, and avoid marketing as investment vehicles promising financial returns.

The suggested safe harbor aims to harmonize with the foundational principles of the Howey test, a benchmark used to assess whether transactions qualify as investment contracts under securities laws. If NFTs demonstrate clear intrinsic utility or value from inception, and creators avoid promoting financial gain based on their own or third-party future efforts, such tokens should rightly fall outside securities regulation.

For projects that naturally lie beyond this safe harbor—especially those using NFTs explicitly to fund future creative ventures—Andreessen Horowitz advocates establishing a tailored crowdfunding regulatory pathway. Current crowdfunding regulations such as Regulation CF or Regulation A+ impose extensive financial disclosures ill-suited for artists and creatives whose projects pivot more around artistic vision than detailed financial projections. Thus, the proposed new crowdfunding model for NFTs would streamline compliance requirements, ensuring creators provide essential disclosures relating specifically to the rights and utilities attached to their tokens, without burdensome financial detail irrelevant to artistic endeavors.

This nuanced crowdfunding pathway would stipulate conditions clearly distinguishing creative patronage from securities-like transactions, including limited funding amounts, clearly defined creative scopes, and potentially a redemption period for investors. This model, akin to successful platforms like Kickstarter, enhances the patronage experience by granting collectors lasting digital ownership or rights.

In presenting their proposals, a16z underscores NFTs’ broader potential and inherent value to digital commerce and community building. NFTs empower creators by enabling direct monetization of their works without traditional intermediaries. Collectors benefit from transparent, verifiable digital ownership, scarce digital assets, and potentially valuable perks or experiences. Diverse applications across digital art, music, gaming, sports collectibles, and even physical asset tokens reflect the versatile, robust nature of NFTs as cultural and community-building instruments.

Moreover, a16z emphasizes the urgency of updating regulatory frameworks to match digital economy advancements. NFTs uniquely embody economic independence, deriving intrinsic value from the underlying assets rather than ongoing issuer activities—contrary to traditional securities. The risk is that overly stringent regulation, not reflective of the distinct nature of NFTs, may inadvertently encourage creators to detach from community engagement post-sale, ironically hindering artistic and commercial innovation.

The rise of artificial intelligence further emphasizes the need for updated regulatory approaches, as NFTs can safeguard creator ownership and compensation rights amid proliferating generative content technologies like DALL-E and Midjourney. Blockchain-enabled NFTs and smart contracts provide transparent and enforceable digital rights management solutions, preserving creators’ control and compensation mechanisms in an increasingly decentralized digital environment.

Looking forward, the proposed regulatory reforms offer a promising framework to clarify distinctions between collectible tokens and securities, potentially boosting innovation and consumer confidence within the NFT market. However, establishing such nuanced guidelines involves careful balancing—too stringent rules may stifle creative experimentation, while overly lenient regulations might leave consumers vulnerable. Thoughtfully implemented, clear and flexible regulation could empower creators and collectors alike, fostering sustainable growth and safer participation in the rapidly evolving NFT cultural landscape.

Read the full letter here.

Do you support a16z’s NFT reform proposals?

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This week’s featured collector is gillinghammer

Gillinghammer’s motto is “be water.” We love the vibe. Take a look at their collection at lazy.com/gillinghammer

Are NFT Vibes Improving?

Last week’s poll asking “Are NFT Vibes Improving?” shows a notable shift toward optimism in the space. A clear majority—54%—believe that the vibes are indeed getting better, signaling renewed energy, confidence, and possibly a rebound in community enthusiasm or innovation. Only a small minority (8%) expressed skepticism, while 38% said they weren’t sure. This suggests curiosity or cautious observation rather than doubt. Overall, the results point to a positive trend: momentum is building, sentiment is warming, and the NFT community seems to be entering a more hopeful phase.

NFTs Reinvented: How Recent Market Shakeups Pave the Way for True Innovation

After years of dramatic peaks and steep valleys, non-fungible tokens (NFTs) appear to be in yet another transitional phase. Several high-profile NFT platforms—including Bybit, X2Y2, Kraken, LG Art Lab, and Nike-owned RTFKT—have either fully shut down or pivoted toward other ventures. For many collectors, these closures feel like the end of an era. Yet, anyone who has witnessed multiple cycles in crypto knows that from disruption often comes reinvention.

A Shifting Landscape

Bybit’s sudden exit—and its suggestion that the February hack for over a billion dollars played a role—adds to the series of market departures. X2Y2, which once boasted billions in total trading volume, is winding down operations to pivot toward AI. Similar stories emerged at Kraken and RTFKT, while LG likewise announced the closure of its own NFT marketplace in June.

At first glance, this wave of departures might look dire for NFT enthusiasts who still believe in the technology but have grown wary of relentless hype. After all, floor prices for marquee collections like CryptoPunks and Bored Ape Yacht Club have dropped dramatically from their peaks—further fueling a chorus of critics pronouncing NFTs “dead.”

Yet, the more meaningful takeaway lies in what these platforms are doing next. Kraken is reassigning resources to “new products and services.” X2Y2 and others are exploring AI, effectively transitioning from short-lived speculation to building future-facing technology with real utility. For all the gloom around declining trading volumes and battered floor prices, these moves reflect a market that is maturing and recalibrating rather than simply collapsing.

Looking Beyond the Hype

Back in the NFT bull run, collectors and creators alike benefited from near-instant liquidity and white-hot speculation. That speculative fervor attracted opportunistic actors but also encouraged meaningful experimentation. We’re now entering the phase where reckless speculation is cooling, making room for sustainable, utility-focused projects.

Builders in NFT gaming, music, art, collectibles, and tokenized real-world assets continue to see significant potential in NFTs. Even as some marketplaces disappear, new token standards, improved user experiences, and cross-chain integrations are rolling out. In a sense, the same slump that spooked so many speculators is the lull that serious developers have been waiting for—a chance to innovate in relative calm without the pressure to chase quick profits.

From Collectibles to Practical Applications

One recurring theme is the push toward real-world utility. Instead of dropping collections purely for bragging rights, developers are integrating NFTs into games that offer immersive experiences, platforms that tokenize intellectual property, and membership systems providing tangible benefits. Some sports teams and fan engagement apps, for example, rely on NFT-based systems to verify ownership or grant exclusive access to content. These use cases represent a deeper shift: NFTs are increasingly recognized as a powerful data and ownership mechanism rather than just digital collectibles.

The pivot toward AI also holds promise. By combining intelligent algorithms with NFT mechanics, projects can unlock dynamic art that evolves over time, create game characters whose traits are trained by AI, or roll out data-driven marketplaces that reward creators more fairly. This marks a step toward more interactive, efficient, and perhaps more ethical digital ecosystems.

Three Reasons for Optimism

1. Cycles Are Normal: Crypto has weathered many bullish and bearish cycles. Each time, projects with flimsy foundations fade, while those committed to real value endure and adapt.

2. Growing Utility: Whether it’s blockchain gaming, token-gated communities, or AI-driven NFT innovation, meaningful use cases for NFTs continue to expand. Even if volumes appear to shrink, real utility often brings more resilient growth.

3. Mature User Base: Many collectors now prioritize substance over spectacle. That’s a good sign. A healthier market rewards projects that deliver enduring value rather than short-term hype.

Conclusion: Reinvention on the Horizon

NFTs aren’t going away; they’re being reimagined. While it’s easy to see Bybit’s shutdown and a host of others retreating as a sign of impending doom, the pivot signals a broader recalibration of the market. For weary collectors, that’s a reason for cautious optimism: fewer poorly planned projects and a renewed emphasis on genuine utility will likely help NFTs evolve into more secure, engaging, and valuable digital assets.

Those who remain in the space, undeterred by sensational headlines, can look forward to an ecosystem better equipped to handle real-world challenges—thanks in part to AI, more rigorous standards, and a base of collectors committed to long-term innovation. Far from being the final chapter, this phase may just be the prelude to NFTs’ most transformative era yet.

How has your own approach to collecting or trading NFTs changed recently?

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This week’s featured collector is allinred

Allinred is a concept artist. Take a look at their collection at lazy.com/allinred

What do you think of the proposed Pudgy Penguins NFT ETF?

Last week’s poll reveals a mixed reaction to the proposed Pudgy Penguins NFT ETF. The majority of respondents, 45%, expressed indifference, selecting “Meh,” indicating a lack of strong enthusiasm or dislike. Meanwhile, 27% of participants indicated enthusiasm by choosing “I love it!” while an equal percentage, 27%, selected “I’m not sure,” suggesting uncertainty or a need for more information. Notably, none of the respondents explicitly disliked the idea, as indicated by the 0% selection for “I hate it!” This suggests that while interest is moderate, there is minimal outright opposition to the proposal.

Are NFT Vibes Improving?

The recent article, “Is a Crypto-Friendly Administration Igniting New Passion for NFTs?” by Jiayin Chen, explores how NFTs have become intertwined with current political dynamics, sparked by recent administrative changes in the U.S. government.

Chen highlights the volatile crypto market under the new U.S. presidency, noting Bitcoin’s dramatic fluctuation—from an all-time high of $108,000 to as low as $79,000—and Tesla’s temporary stock price surge. One particularly striking development was FTX’s surprising comeback from bankruptcy, repaying customers at 119 percent of their original claims, offering better returns than traditional savings accounts. This recovery symbolizes broader optimism brought by David Sacks, appointed crypto czar, and the administration’s bold plans for a “Strategic Bitcoin Reserve” aiming to position the U.S. as the world’s crypto hub.

A vital thread of the narrative is the unintended politicization of NFTs. Chen notes, “NFTs, still a major use case of cryptocurrency, have become somewhat inadvertently entangled with the political sentiments now dominating the crypto space.” A long-time anonymous collector describes the perception issue candidly: “The first thing Trump did after the election was issue his own coins and made hundreds of millions from it. It’s a bad look for the industry, and it made people see everyone in the space through the same lens.”

Despite political and reputational challenges, NFTs are witnessing a revival. High-profile sales like Sam Spratt’s “X.Masquerade” fetching $3 million and Christie’s successful “Augmented Intelligence” auction indicate renewed enthusiasm. Established NFT communities like CryptoPunks have continued to thrive; their sales exceeded $200 million even during quieter market periods. Niftynaut, a CryptoPunks collector, sharply notes the market saturation: “Most projects are destined for irrelevance. Outside of the true innovators, what we saw was an endless parade of derivative cash-grabs with no meaningful innovation, purpose, or creativity.”

Institutions are increasingly investing in digital art, reflected in initiatives from prominent museums like the Met and Tate Modern, along with investment entities such as Hivemind Capital’s Digital Culture Fund. Matt Zhang, Hivemind’s founder, observes an eventual maturity in market perception: “Over time, we expect digital art to become less tied to crypto cycles—especially as more collectors, museums, and institutions treat it as part of fine art.”

However, technical infrastructure remains a significant challenge. Jason Bailey (Artnome) highlights the risk to digital art preservation, warning of lost access when Web3 companies fail: “Every single image from those 1990s websites is broken because over time, people stop paying for storage…The same thing could happen with NFTs.”

Conclusively, the new administration’s classification of NFTs as “collectibles” regulated by the CFTC signals industry-friendly intentions, yet uncertainty remains. Bailey encapsulates the cautious optimism: “Right now, with heightened global instability and volatility, markets in general are reacting cautiously. However, there is also potential for progress.”

To fully grasp the complexities and implications discussed, readers are highly encouraged to explore the original insightful article in depth.

Learn more at ArtNet.

What do you think: are NFT vibes improving?

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